Creating an estate plan can be an overwhelming and emotional journey. For some, outlining the division of assets or funds can pose unique complications. Anyone in Michigan who is involved in creating an estate plan may want to carefully consider his or her options before relinquishing control of any aspect of his or her life.
Many people decide to sign over a house or property to an heir early on in the estate planning process. This is often seen as a way to avoid dealing with the tax implications of leaving the property to heirs through a will or having a home tied up in the time-consuming process that is probate. However, signing over a home while still living in it, and while still in possession of the ability to make important decisions, can backfire, leaving a perfectly competent person without the legal right to make decisions that directly impact his or her life.